3915.05
Policy provisions to be included.

No policy of life insurance shall be issued or delivered in
this state or be issued by a life insurance company organized under the laws of
this state unless such policy contains:

(A)
A provision that all premiums shall be
payable in advance, either at the home office of the company or to an agent of
the company, upon delivery of a receipt signed by one or more of the officers
named in the policy;

(B)
A
provision for a grace of one month for the payment of every premium after the
first, which extension period may be subject to an interest charge and during
which month the insurance shall continue in force, which provision may contain
a stipulation that if the insured dies during the month of grace the overdue
premium will be deducted in any settlement under the policy;

(C)
A provision that the policy and the
application therefor, a copy of which application must be indorsed on the
policy, shall constitute the entire contract between the parties and shall be
incontestable after it has been in force during the lifetime of the insured for
a period of not more than two years from its date, except for nonpayment of
premiums, except for violations of the conditions relating to naval or military
service in time of war or to aeronautics, and except at the option of the
company, with respect to provisions relative to benefits in the event of total
and permanent disability and provisions which grant additional insurance
specifically against death by accident or by accidental means;

(D)
A provision that all statements made by
the insured in the application shall, in the absence of fraud, be deemed
representations and not warranties;

(E)
A provision that if the age of the
insured has been understated the amount payable under the policy shall be such
as the premium would have purchased at the correct age;

(F)
A provision that the policy shall
participate in the surplus of the company and that, beginning not later than
the end of the third policy year, the company will annually determine and
account for the portion of the divisible surplus accruing on the policy, and
that the owner of the policy has the right each year to have the current
dividend arising from such participation paid in cash or applied to the
purchase of paid-up additions, and if the policy provides other dividend
options, it shall further provide that if the owner of the policy does not
elect any such other option the dividend shall be applied to the purchase of
paid-up additions.

(2)
Beginning not later than the end of the
fifth policy year, the company will determine and account for the portion of
the divisible surplus accruing on the policy;

(3)
The owner of the policy has the right to
have the current dividend arising from such participation paid in cash;

(4)
Such accounting and payment
shall be had at periods of not more than five years, at the option of the
policyholder.

Renewable term policies of ten years or less may provide that
the surplus accruing to such policies shall be determined and apportioned each
year after the second policy year and accumulated during each renewal period,
and that at the end of any renewal period, on renewal of the policy by the
insured, the company shall apply the accumulated surplus as an annuity for the
next succeeding renewal term in the reduction of premiums.

The provisions described in this division are not required in
nonparticipating policies.

(G)
A provision that after three full years'
premiums have been paid, the company, at any time while the policy is in force,
will advance, on proper assignment of the policy and on the sole security
thereof, at a rate of interest calculated pursuant to section
3915.051 of the Revised Code, a
sum equal to, or at the option of the owner of the policy, less than, the
amount required by section
3915.08 of the Revised Code under
the conditions specified in said section, and that the company will deduct from
such loan value any indebtedness not already deducted in determining such value
and any unpaid balance of the premium for the current policy year, and may
collect interest in advance on the loan to the end of the current policy year.
It shall be further stipulated in the policy that failure to repay any such
advance or to pay interest does not avoid [void] the policy unless the total
indebtedness thereon to the company equals or exceeds such loan value at the
time of such failure nor [or] until one month after notice has been mailed by
the company to the last known address of insured and of the assignee.

No conditions, other than as provided in this division or in
section 3915.08 of the Revised Code, shall
be exacted as a prerequisite to any such advance.

This provision is not required in term insurance nor does it
apply to any form of insurance granted as a nonforfeiture benefit.

(H)
A provision for nonforfeiture
benefits and cash surrender values in accordance with the requirements of
section 3915.06 ,
3915.07 , or
3915.071 of the Revised Code;

(I)
Except for policies which
guarantee unscheduled changes in benefits upon the happening of specified
events or upon the exercise of an option without change to a new policy, a
table showing in figures the loan values and the options available under the
policies each year upon default in premium payments, during at least the first
twenty years of the policy;

(J)
A
provision that if, in the event of default in premium payments, the value of
the policy is applied to the purchase of other insurance, and if such insurance
is in force and the original policy has not been surrendered to the company and
canceled, the policy may be reinstated within three years from such default,
upon evidence of insurability satisfactory to the company and payment of
arrears of premiums with interest;

(K)
A provision that when a policy becomes a
claim by the death of the insured, settlement shall be made upon receipt of due
proof of death, or not later than two months after receipt of such proof;

(L)
A table showing the amounts of
installments in which the policy provides its proceeds may be payable;